Brent news for August 28, 2026

Brent crude is being driven by heightened geopolitical tensions in the Strait of Hormuz, where a tanker was hit and the US maintains a blockade. Hopes for a revived Iran deal have faded, with President Trump ruling out previous ceasefire terms, which helped oil snap a losing streak and settle at $83.53. Supply concerns from the ongoing conflict are keeping prices elevated.

Updated 21:05 UTC

How the day unfolded

1. 00:05 UTC

   Brent is being driven by conflicting signals from the Strait of Hormuz: Iran says the strait remains closed and sets conditions for reopening, while tankers are moving more Gulf crude, pointing to rising flows. Prices snapped a losing streak after Trump ruled out reviving Iran ceasefire terms, then dropped as actual supply movements increased, leaving the market to weigh geopolitical risk against physical availability. U.S. crude stocks barely changed, offering little direction.

2. 18:05 UTC

   Brent crude settled at $83.53 as the market weighed a sharp drop in Hormuz traffic against signs that more Gulf crude was moving again. Hopes for reviving an Iran ceasefire faded after Trump ruled it out, while a tanker hit and a US blockade keep supply risks elevated.

Headlines (16)

• Middle East live: Iran says Hormuz strait still closed despite transit corridor talks with Oman
  www.france24.com · Aug 26, 06:06 UTC
• Oil Is Being Sold Off on the Back of Sanctions News
  www.actionforex.com · Aug 26, 08:05 UTC
• U.S. Crude Stocks Barely Budge as Gasoline Inventories Fall
  oilprice.com · Aug 26, 14:40 UTC
• Why Hormuz remains high risk for ships despite US claims of mine-clearing
  www.aljazeera.com · Aug 26, 17:19 UTC
• Oil Drops as Tankers Begin Moving More Gulf Crude
  oilprice.com · Aug 26, 19:04 UTC
• Oil catch up: Russia-Ukraine war keeps a floor under oil despite Hormuz optimism
  investinglive.com · Aug 26, 20:20 UTC
• How a 95 percent drop in Hormuz traffic changed global shipping
  www.aljazeera.com · Aug 27, 09:46 UTC
• Tanker Hit in Strait of Hormuz as Trump Declares ‘Mission Accomplished’ in Iran
  gcaptain.com · Aug 27, 17:41 UTC
• Crude oil oil futures settles at $83.53
  investinglive.com · Aug 27, 18:55 UTC
• Hormuz Oil Flows Rising as Gulf Giants’ Ramp Up Accelerates
  gcaptain.com · Aug 27, 19:42 UTC
• Oil catch up post: Snaps losing streak as Trump rules out reviving Iran ceasefire terms
  investinglive.com · Aug 27, 20:56 UTC
• Iran sets conditions for reopening Strait of Hormuz, top security official Rezaei says
  www.investing.com · Aug 27, 21:06 UTC
• Oil Rises as Iran Deal Hopes Fade
  www.rigzone.com · Aug 27, 21:07 UTC
• Mideast War: Crude, Products and Gas Price Impacts, Aug. 27, 2026
  www.energyintel.com · Aug 27, 21:13 UTC
• Trump says Iran is 'in deep trouble' as US maintains blockade of Strait of Hormuz
  www.jpost.com · 01:00 UTC
• After 6 months of war, Iran's battered regime remains entrenched
  www.npr.org · 19:42 UTC

Scheduled events

As of 21:05 UTC

• 2026-08-28 — GDP m/m · forecast 0.2% · CAD
• 2026-08-31 — Non-Manufacturing PMI · forecast 49.5 · CNY
• 2026-08-31 — Manufacturing PMI · forecast 49.5 · CNY
• 2026-09-01 — RatingDog Manufacturing PMI · forecast 51.5 · CNY
• 2026-09-01 — Manufacturing PMI · CAD
• 2026-09-02 — BOC Rate Statement · CAD
• 2026-09-02 — Overnight Rate · forecast 2.25% · CAD
• 2026-09-02 — BOC Press Conference · CAD